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(TALKZIMBABWE) Rapaport diamond ban on Zimbabwe insignificant: Mpofu

Rapaport diamond ban on Zimbabwe insignificant: Mpofu
By: Our reporter
Posted: Monday, August 16, 2010 5:53 pm

THE Zimbabwean government on Monday dismissed a trade alert issue by US diamond trading network banning gems from Marange diamond fields as insignificant, saying it would find buyers in Russia and Asia.

The US-based Rapaport Diamond Trading Network, or RapNet as it is known, last week issued a trade alert warning threatening to ban members who trade in Marange diamonds.

"The Rapaport Group and the RapNet Diamond Trading Network are implementing an immediate trade ban on all diamonds from Zimbabwe’s Marange diamond fields," read the statement.

The group, however, did not issue a similar alert on diamonds mined elasewhere in Zimbabwe; for example in Murowa where Canadian mining group, Rio Tinto plc, are operating.

"The ban does not apply to diamonds from Zimbabwe that are not from the Marange area. RapNet members should immediately remove all RapNet listings of Marange diamonds," read the statement.

"Firms and individuals that continue to trade in diamonds from the Marange fields will be denied access to all Rapaport services."

RapNet posted the statement on its website on the day the Zimbabwe diamond auction was taking place last week.

RapNet links thousands of diamond suppliers and buyers across the world.

That organisation's founder Martin Rapaport said that although the global diamond watchdog the Kimberley Process (KP) had authorized Zimbabwe last week to sell nearly 900,000 carats of Marange diamonds, RapNet still viewed the gems as tainted.

"RapNet members that knowingly offer Marange diamonds for sale on RapNet will be expelled from RapNet and their names will be publicly communicated," he warned.

Mines and Mining Development Minister Obert Mpofu told the German Press Agency dpa he was "not surprised at all" by this development.

"You might be aware that America, the European Union and the United Kingdom have made every effort to make Zimbabwe fail," he said.

"In any case, these countries do not constitute the entire market of diamonds. We will sell our stones to countries where they are welcome.

"We have countries like Russia, China, India and other Asian countries where we can market our diamonds."

India is currently the global diamond powerhouse

Zimbabwe auctioned off 893,000 carats of diamonds from the Marange region last Wednesday.

Buyers from the United States, Lebanon, India, Israel and Russia attended the auction, which the government said boosted government coffers by around 71 million dollars.

Last year, the KP ordered Zimbabwe to suspend its diamond exports while it investigated conditions in Chiadzwa.

After several visits to the area, and a partial withdrawal of the army, the KP has cleared the government to export the precious gems.

Labels: OBERT MPOFU, RAPAPORT DIAMOND TRADING NETWORK

posted by MrK @ 2:35 AM